EquityPandit’s Outlook for HDFC Bank for the week (July 11, 2016 – July 15, 2016):
HDFC Bank closed the week on positive note gaining around 4.20%.
As we have mentioned last week that resistance for the stock lies in the zone of 1190 to 1200 where the stock has formed a double top. If the stock manages to close above these levels then the stock can move to the levels of 1250. During the week the stock manages to hit a high of 1226 and close the week around the levels of 1224.
Minor support for the stock lies in the zone of 1190 to 1200 from where the stock has broken out of the medium term top. Support for the stock lies in the zone of 1160 to 1170 where short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 1030 to 1040 where medium term moving averages are lying.
The stock is hitting life time highs so virtually no resistance for the stock is lying. Resistance for the stock lies in the zone of 1250.
Broad range for the stock in the coming week can be 1190 on lower side to 1250 on upper side.